UK Royal Mint NFT, $960k Billionaire Dog rug and Pudgy Penguins

The U.K. government Treasury announced on Monday, April 4th, that it has asked the Royal Mint to create one non-fungible token (NFT) to be issued by the end of the year “as an emblem of the forward-looking approach the UK is determined to take.”

Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer.

This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK.

— HM Treasury (@hmtreasury) April 4, 2022

The NFT was part of a series of announcements by the Economic and Finance Ministry to make the United Kingdom a global cryptocurrency hub, including amending a regulatory framework on stablecoin payments.

The NFT will be “issued by summer”, with no date publicly set for the release of the token.

Billionaire Dog NFT rug pull

Self-confessed “on-chain sleuth” “zachxbt”, popular for his Twitter threads investigating crypto figures and projects, has made a new thread on Monday alleging that French influencer Laurent Correia had a major role in an NFT project that rugged.

1/ Time for another $960k NFT rug this time involving Laurent Correia a popular French influencer with a reality TV show.

— zachxbt (@zachxbt) April 4, 2022

The Billionaire Dogs Club project launched in mid-December 2021 at a public mint price of 0.2 ETH, low demand for the NFTs saw the project restrict supply from 6,500 tokens to 2,000 in a bid to garner interest for the project.

According to “zachxbt”, the Discord channel and the team behind the project disappeared a week later, leaving NFT owners holding the bag. On-chain analysis by the analyst revealed that of the estimated $960,000 generated by the project, $400,000 was allegedly sent to Correia’s public crypto wallet.

4/ Here’s a breakdown where the proceeds from the project went.

Laurent himself received over $400k to his public wallet.

— zachxbt (@zachxbt) April 4, 2022

Related: NFTs, Web3 and the metaverse…


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